Revocable Trusts And Medicaid

Summary

Revocable trusts in Massachusetts can be altered or canceled by the grantor during their lifetime. Assets within the trust bypass probate upon death, providing privacy. Permissible Medicaid transfers include those to a spouse, blind or disabled child, or a trust for a disabled individual under 65. A home can be transferred into a trust to manage estate taxes, avoid probate, and protect against creditors. However, transferring a home to most types of trusts is subject to the Medicaid 5-year look-back rule. Consult with a trust attorney or Medicaid planning professional for personalized advice.

Full Conversation

information about revocable trusts in mass
Revocable trusts in Massachusetts:
- Can be altered or canceled by the grantor during their lifetime.
- Assets within the trust bypass probate upon death.
- Provides privacy, as it doesn't become public record.
- Can include a succession plan for incapacity.
- Income generated is taxed as personal income.
Remember, it's advisable to consult with a trust attorney for personalized advice.
what are medicaid permissable transfers
In Massachusetts, permissible Medicaid transfers include:
- Transfers to a spouse, or to another for the spouse’s benefit.
- Transfers to a blind or disabled child.
- Transfers to a trust for the benefit of a disabled individual under *.
Please consult with a Medicaid planning professional for personalized advice.
can a home be transfered to a trust
Yes, in Massachusetts, a home can be transferred into a trust. This can help manage estate taxes, avoid probate, and protect against potential creditors. Remember to consult with an attorney to understand the implications of such a transfer.
is a home transfered to a trust subject to the medicaid 5 year look back rule
Yes, in Massachusetts, transferring a home to most types of trusts can be subject to the Medicaid *-year look-back rule. Exceptions may apply for certain irrevocable trusts. Please consult with a Medicaid planning professional for personalized advice.